ECB says ‘difficult to do more’ as pressure mounts for more action
The European Central Bank (ECB) is under pressure to cut its headline interest rate following a slew of disappointing data, but commentators disagree as to whether or not the signs are dismal enough to prompt action.
The ECB's main refinancing rate is at 0.75% and has not seen a cut since July 2012. Yesterday an indicator of German business confidence, the Ifo index, showed a sharper-than-expected drop, from 106.7 to 104.4. Today the ECB released lending data, showing that credit conditions
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